“It shall be unlawful for a person who owns a firearm purchased on or after the effective date of this subsection not to be covered by a qualified liability insurance policy,” Maloney’s bill states.
The legislation calls for the federal government to impose a fine of $10,000 on firearms owners who do not have insurance after the bill becomes law.

The law would effectively reduce the number of legal firearms owners in the country and create a new class of criminals. Many Americans would either not choose to follow the law or would be unable to afford the required insurance and would be forced to forfeit their firearms under fear of prosecution by the federal government.